Sherwood scores $232M to refi
1600 Broadway, 2 Times Sq.

Helaba is the lender for the two Midtown properties

New York /
Apr.April 19, 2017 08:00 AM

UPDATED, April 19, 10:42 a.m.: Sherwood Equities secured a combined $232 million to refinance two buildings in Times Square, the company told The Real Deal.

German bank Helaba is the lender on the buildings at 1600 Broadway and 2 Times Square. The loans are for a 10-year term at a fixed rate.

The financing for 2 Times Square totals $164 million. The 233,285-square-foot building is home to the 310-key Renaissance New York Times Square Hotel, as well as retail space and advertising billboards.

The loan for 1600 Broadway, a 160,000-square-foot building, is $68 million and backed by the retail space leased to the M&M’s Store and by two Budweiser signs. The upper floors of the building house 137 luxury condominiums. Both buildings are nearly 100 percent occupied.

The building at 2 Times Square previously had a $175 million loan, issued in 2007, property records show. Previous loans on 1600 Broadway total $72 million from three separate mortgages issued between 2006 and 2015. Helaba was the lender on all previous financing, and the new loans only refinanced the pre-existing principal.

Sherwood, led by Jeffrey Katz, also owns the Saratoga at First Avenue and East 75th Street. It manages 1 Times Square, having sold the building to Jamestown in 2012 for $113 million.

In 2014, the company sold a Hudson Yards development site to Frank McCourt for $167 million — more than triple the price Sherwood and its partner Long Wharf Real Estate Partners paid in 2011. It also sold two Hudson Yards parcels to Tishman Speyer the same year for $200 million.

Sherwood Has Developed Residential Projects Such As 500 West 21st Street, 130 Barrow Street and 330 West End Avenue.

A representative from Helaba could not be immediately reached for comment.

Chava Gourarie contributed reporting.

Correction: An earlier version of this story stated Sherwood owns 1 Times Square. The firm manages the building.

(To see more properties owned by Sherwood Equities, click here)


Related Articles

arrow_forward_ios
Edison Properties' Jon Dario and 620 12th Avenue (Edison Properties, Google Maps)
Verizon leases 144K sf from Edison Properties in Hell’s Kitchen
Verizon leases 144K sf from Edison Properties in Hell’s Kitchen
Newmark's Elizabeth Berthelette and 45-18 Court Square (Newmark, Perkins + Will)
Life sciences market notches record despite cooling velocity
Life sciences market notches record despite cooling velocity
33 Howard Street, Dolls Kill's Bobby Farahi (Loopnet, Getty, Sequoia)
Dolls Kill rises in NYC with Soho flagship
Dolls Kill rises in NYC with Soho flagship
GFP Real Estate chairman Jeffrey Gural and 675 Sixth Avenue (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and GFP Real Estate)
Craft retailer Michaels inks renewal with GFP in Chelsea
Craft retailer Michaels inks renewal with GFP in Chelsea
Sydell Group's Andrew Zobler and rendering of proposed dorm for Bard College students (LinkedIn, Sydell Group)
Sydell launches Brooklyn hotel with dorms for grad students
Sydell launches Brooklyn hotel with dorms for grad students
9/11 Tribute Museum co-founder Jennifer Adams-Webb and 92 Greenwich Street (Getty Images, 9/11 Tribute Museum)
Lower Manhattan’s 9/11 Tribute Museum shuts doors
Lower Manhattan’s 9/11 Tribute Museum shuts doors
Ares CEO Michael Arougheti (Getty)
Ares pays $139M for NJ industrial complex
Ares pays $139M for NJ industrial complex
Pastor Gregory Fryer and the Immanuel Lutheran Church at 120 and 122 East 88th Street (Getty Images, Immanuel NYC, Jim.henderson, CC0, via Wikimedia Commons)
Thou Shalt Not Sell: Lutheran group sues to stop church’s deals
Thou Shalt Not Sell: Lutheran group sues to stop church’s deals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...